Bitcoin Plunge Signals Bottom Looming: $10K Drop, 14% Largest Since 2022 (BTC)

Bitcoin (BTC) on February 5 fell from about $73,000 to roughly $62,000, a $10,000 loss and the largest single-day decline since November 2022. The Fear and Greed Index dipped into single digits, the lowest in 17 years save for a few instances. The RSI hit its third-most-oversold reading. Circulating supply in loss surged to nearly 10 million BTC, the fourth-highest ever, matching levels seen in 2015, 2019, and 2022. Long-term holders’ supply at a loss reached 4.6 million BTC, approaching but not matching prior extremes. Supply in profit and supply in loss have nearly converged, a condition historically aligned with bear-market bottoms. Bitcoin is now recovering toward $68,000, with some waiting for a potential test of its 200-week moving average around $58,011.